Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,600 |
| 1 Bedroom | $2,740 |
| 2 Bedrooms | $2,980 |
| 3 Bedrooms | $3,770 |
| 4 Bedrooms | $4,130 |
| 5 Bedrooms | $4,791 |
| 6 Bedrooms | $5,366 |
| 7 Bedrooms | $5,795 |
| 8 Bedrooms | $6,085 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,740 | $542,149 | 0.51% | F |
| 2BR | $2,980 | $703,580 | 0.42% | F |
| 3BR | $3,770 | $1,086,464 | 0.35% | F |
U.S. Census Bureau data (2024)
ZIP code 11232 in New York, NY, is predominantly a renter-heavy area, with 73.3% of its population renting homes. This high percentage indicates a strong demand for rental properties, particularly those that can accommodate Section 8 tenants. The median household income in this ZIP is $90,891, which is significantly higher than the Fair Market Rent (FMR) of $2,680 set for FY 2024. However, the typical market rent stands at $2,899, slightly above the FMR but still within reach for many households.
To understand the financial impact on potential tenants, we can calculate the proportion of income that typical rent consumes. At $2,899 per month, the average rent eats up approximately 38.5% of the median household income. This is a substantial portion but not unreasonable given the high cost of living in New York City.
The difference between the market rent ($2,899) and the FMR ($2,680) suggests that landlords might find it challenging to attract tenants solely relying on Section 8 vouchers, as these typically cover only up to the FMR. However, the high concentration of renters and the proximity of market rents to the FMR indicate that there is a significant pool of potential tenants who could supplement their vouchers with additional income.
A landlord in ZIP 11232 should expect a diverse tenant pool, primarily composed of low to moderate-income individuals and families. These tenants will likely be seeking affordable housing options and may have additional income sources to cover the gap between the FMR and market rent. Landlords must be prepared to navigate the requirements and regulations associated with accepting Section 8 vouchers while also considering the possibility of tenants who can pay slightly above the FMR due to supplementary earnings.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.